USD/CHF Price Analysis: 21-day EMA probes break of six-week-old resistance line

USD/CHF keeps mild gains despite recent pullback from eight-day top.
Wednesday’s Doji, bullish MACD and sustained break of short-term EMA favor buyers.

Anil Panchal FXStreet

USD/CHF eases from a one-week high, also the intraday top, to 0.8856 during early Friday. Even so, the quote prints 0.06% gains on a day while keeping an upside break of a descending trend line from late-November.

In addition to the trend line breakout, bullish MACD and Wednesday’s Doji near multi-month low also back the USD/CHF upside.

However, 21-day EMA near 0.8870 guards immediate upside ahead of the 0.8900 round-figure and the late December peak close to 0.8920.

Should USD/CHF bulls manage to cross 0.8920, November low around 0.8985 will be in the spotlight.

Alternatively, a downside break of the stated support line, previous resistance, near 0.8835, will again aim for the 0.8800 threshold.

Though, USD/CHF sellers will fear entries unless defying Wednesday’s low with a downside break of 0.8757.

USD/CHF daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.8856
Today Daily Change	4 pips
Today Daily Change %	0.05%
Today daily open	0.8852

Trends
Daily SMA20	0.8856
Daily SMA50	0.8979
Daily SMA100	0.9054
Daily SMA200	0.9274

Levels
Previous Daily High	0.8861
Previous Daily Low	0.8774
Previous Weekly High	0.8919
Previous Weekly Low	0.8794
Previous Monthly High	0.9093
Previous Monthly Low	0.8794
Daily Fibonacci 38.2%	0.8828
Daily Fibonacci 61.8%	0.8808
Daily Pivot Point S1	0.8797
Daily Pivot Point S2	0.8743
Daily Pivot Point S3	0.8711
Daily Pivot Point R1	0.8884
Daily Pivot Point R2	0.8916
Daily Pivot Point R3	0.897

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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